USDCAD Analysis
| Performance after Wednesday | |||
| Period | Pct | Chg | Momentum |
| Wednesday | 0.52% | 72.0 Pips | ▲ |
| Week to-date | 0.86% | 119.0 Pips | ▲ |
| September | 0.97% | 134.0 Pips | ▲ |
Upcoming key events (GMT+8)
No major events for the day.
What happened lately
On Wednesday, the USDCAD currency pair experienced an upward movement, increasing by 0.52% to close at 1.39880. The trading session saw the pair reach a high of 1.39940 and a low of 1.39130. This rise in the USDCAD exchange rate followed the release of the latest U.S. Monthly Retail Trade data.
The economic data released on the previous trading day showed that U.S. Monthly Retail Trade figures came in stronger than expected. The actual figure was 1.2, surpassing the consensus estimate of 0.8 and significantly improving from the previous month’s -0.6. This positive retail trade data likely contributed to the strengthening of the U.S. dollar against the Canadian dollar.
Looking ahead, there are no major economic events scheduled that could impact the USDCAD pair in the immediate future. As such, market participants may focus on broader market trends and any unforeseen developments that could influence currency movements.
Overall, the market sentiment appears to be influenced by the robust U.S. retail trade data, which has provided support for the U.S. dollar. The lack of upcoming scheduled events suggests that traders may continue to react to recent data releases and any emerging market dynamics.
What can we expect from USDCAD today?
The USDCAD pair closed with a 0.52% gain on Tuesday, ending at 1.39880. The daily outlook remains bullish as the price continues to trade above the 9-day EMA.
📈 Bull Scenario A bullish scenario could unfold if the pair breaks above the daily high of 1.39940, potentially targeting the first resistance level (R1) at 1.4017. Further bullish momentum might drive the pair towards the second resistance level (R2) at 1.4046. | 📉 Bear Scenario A bearish scenario might develop if USDCAD falls below the daily pivot point of 1.3965, with the first support level (S1) at 1.3936 as a potential target. A further decline could see the pair testing the second support level (S2) at 1.3884, especially with the stochastic indicator falling in the overbought zone. |
Key levels to watch out:
| R3 | 1.4098 |
| R2 | 1.4046 |
| R1 | 1.4017 |
| Daily Pivot | 1.3965 |
| S1 | 1.3936 |
| S2 | 1.3884 |
| S3 | 1.3855 |